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Archive for July, 2011

Arizona mortgage refinance? Can I still qualify if I am under water?


Can I still qualify to refinance my Arizona mortgage if I am under water?

Remember, the Obama administration has recommended to Fannie Mae and Freddie Mac to allow eligible borrowers to refinance up to 100% of their property value through the HomeStability refinance option.

Most homeowners who are under water are because they have a 1st AND 2nd mortgage.  The home stability option will ONLY allow you to refinance the first mortgage balance.  For example, the house value is $200K.  The first mortgage balance is $200K.  The second mortgage balance is $50K.  Both Fannie Mae and Freddie Mac will allow you to refinance the $200K balance (if eligible) under the home stability option and not be required to carry new private mortgage insurance! This is huge! It is still here AND it won’t be around forever!

In order to determine initial eligibility, the borrower needs to reference BOTH of these websites:

Fannie Mae:

http://www.fanniemae.com/loanlookup/

Freddie Mac: 

https://ww3.freddiemac.com/corporate/

The borrower enters their home mortgage information into both sites.  The site will return an answer as to whether Fannie Mae or Freddie Mac “owns” the mortgage. Based on that information we can determine the specifics as to the eligiblility to refinance under this option.  Once this option is gone, borrowers will not be able to refinance unless they have 20% equity in their homes.  This is an opportunity we cannot pass up!

There are ALOT of caveats to this loan so be sure to contact me if you have questions!

Having a dream is good, owning one is better!

 

Leslie Pelletiere, Owner

First Class Financial Services, proudly mortgage lending since 1999!

602.294.9288(O)

602.294.9830(F)

http://www.fcfs.net

MB#0902810

NMLS #162494

AZDFI Loan Officer # LO-0911453

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Arizona Market Update June 2011


Arizona Market Update June 2011

Thank you again to Sarah Moran of Equity Title Agency (sarahm@eta-az.com) for providing this up to date info!

Here is the Market Update through the end of June 2011.

WOW: Total active listings have dropped by another 2320 units over the beginning of last month. As of July 6, we sit at 28,887 Actives for Single Family Homes and Condos. Sales are at 10,512 for the last 30 days (as of July 6), which continues to trend up. We are currently sitting at a 2.6 months of supply. If you subtract out the AWC Contracts (which are included in Actives in the Cromford Report), we are at 2.1 months of supply. Traditionally, 3-4 months of supply indicate a balanced market. We are in a Seller’s Market!

Distressed Market: Short Sales represent 27% of the Closings for June (compared to 21% in May) and 39% of the active Listings for a 3.9 Months of Supply. Distressed Sales (Short Sales and REOs combined) accounted for 68% of the total sales for June. The listing success rate for Distressed Properties is up to 74.3% and for Short Sales is at an all-time high of 63.9%! Don’t avoid these listings! They are closing with greater success rate!

Closings: There were 9450 closings in June 2011 vs. 9353 closings in June 2010 ~ which equates to a 1% increase over last year! 

Reality Check: The Median Sold Price for Maricopa County for June 2011 was $124,000, which is a 3% increase over last month! In June 2006, the Median Sold Price was $266,523! In June 2000, the Median Sold Price was $136,400. Use this at your listing appointments to help explain what has happened to our market and get realistic list prices!

We currently sit at a 2.6 months of supply valleywide. And we are finally seeing movement in the high-end market. In the MLS, there were 92 properties that sold for $1+ million for the month of June – and currently in the $1+ million segment, there is an 11.7 months of supply – and listings have dropped by 133 units.

Having a dream is good, owning one is better!

 

Leslie Pelletiere, Owner

First Class Financial Services, proudly mortgage lending since 1999!

602.294.9288(O)

602.294.9830(F)

http://www.fcfs.net

MB#0902810

NMLS #162494

AZDFI Loan Officer # LO-0911453